Lear, which supplies automotive seating and electrical systems, has agreed to acquire Grupo Antolin's automotive seating business.
Grupo Antolin's seating business is headquartered in France with sales and operations concentrated in 5 countries in Europe.
Grupo Antolin's seating business is comprised of just-in-time seat assembly, seat structures & mechanisms and seat trim, and is well positioned among the largest European automakers, including Peugeot Citroen, Daimler, Renault Nissan and Volkswagen.
Grupo Antolin's seating business has an experienced management team, modern facilities and a reputation for lean manufacturing, superior quality and innovation, including high-functionality and light weight seat designs.
The transaction is valued at €286m ($305m) on a cash and debt free basis. Lear intends to fund the transaction with cash on hand. The closing of the transaction is expected to occur in the first half of 2017 subject to customary conditions, including regulatory approvals in Europe.
Lear expects the transaction to be accretive to 2017 earnings per share upon closing.
Lear's president and CEO Matt Simoncini said: "The acquisition of Grupo Antolin's seating business in Europe is another important step in strengthening our core seating business by further diversifying our global seating sales, expanding our seat component capabilities and accelerating profitable sales growth.
"This transaction will further enhance Lear's position as a global leader in automotive seating and will create significant value for our shareholders."
Grupo Antolin's seating business has annual sales of approximately €300m ($320m) and includes 12 manufacturing facilities, 2 technological centers and 2,273 full-time and contract employees.
